DeFi· ★★★★· bullish·

Ethena brings USDe basis trade into tokenized US equities

  • —Binance bStocks provide the spot leg, equity perpetuals the hedge
  • —Binance equity perpetual open interest tops $2.9 billion
  • —Equity basis averaged 3.56% annualized over the past six months
  • —Crypto basis made up only about 1% ($39 million) of USDe backing in July
Why it matters: Ethena is diversifying USDe backing beyond crypto, reducing the stablecoin's reliance on crypto basis for yield.
Source: crypto.news